tv MONEY With Melissa Francis FOX Business January 30, 2014 5:00pm-6:01pm EST
after-hours. they're down 8%. liz, all action as nasdaq, how do you know? liz: exactly. fox business ringing the closing bell with cletus, the fox sports robot. what more did we really need? it was amazing. david: amazon -- melissa: minimum wage debate reaches new heights. now hitting airlines. four carriers are urged to raise employee pay by at least a dollar. how much are you willing to pay to fly? even when they say it's not it is always about money. schwa the. melissa: the wage wars are going airborne in two of nation's major airports may soon taking flight. estimated 8,000 workers ad new york's laguardia and jfk airports will likely see hourly wages increase by a dollar. this comes after 32 people were
arrested while protesting for worker rights outside of laguardia. new york city councilman mark levine was among those taken into custody. he is out of the clinger. you went to jail for this. do you feel good about that. >> this is cause many of us feel strongly in. core value in new york city, around the country, people that work hard, play by the rules should earn a decent living for families. for airport workers making $8 an hour in new york city, they are nowhere near acceptable living wage. melissa: without question. at the same time, these are public corporations. they have earnings every quarter. they have to go back to shareholders and compare what they spent this quarter with what they spent last quarter. they have to make up the money somewhere else. aren't you worried they will cut hours? >> these are public companies in facilities owned and operated by government agencies. melissa: but aren't you worried they will cut hours. >> this is work essential to the economy and essential to air flight. these are security jobs, cleaning jobs, moving luggage. if they don't work, airplanes
don't move, these jobs are essential. melissa: you don't think even if dollar an hour they can trim here and there the w paychex? they're definitely getting biger? you're willing to take the risk? >> getting workers to living wage only adds a tiny fraction of a percent to total cost of airlines. it will not impact bottom lines but make a huge difference to bottom lines of families. melissa: seems like it works in airport areas. for example, san jose, airport, they have a minimum wage of 14.71, st. louis, 15.92. sea-tac, pays $15. i wonder if labor market is tighter and lends itself to high demand? is that possible? >> airlines want to fly in and out of these airports. a small adjustment in the wage greets will not change that these are high demand airports from passengers and airlines. good workkng conditions for stronger.nly make the facilities they will not discourage any kind of business. melissa: no. but i wonder if it is own kind of economy? when you look at workers, whenever i go to the airport i
think it would be such a hassle to work here. takes longer to get there. generally traffic around the airport. if you park, the parking is more expensive. the time you waste to get in are hours you could be working elsewhere. is that what employees tell you that is it is more expensive to work at airport. >> these are tough jobs, tough conditions, physical jobs, sometimes dangerous jobs but this market has not produced living wages. that is why we need public agency or port authority to intervene and set a reasonable floor for people working in these facility. melissa: do you think it spreads to other airports? >> i sure hope so. new york won't be first. these are two airports, jfk, laguardia. we hope eventually newark will be covered. this could spread around the country. new york is not first. we're early in the game. melissa: why didn't newark go already. >> i think that is in negotiation. governor cuomo has intervened behind the scenes. presume that in new jersey they will ask for a similar deal. melissa: you're not worried about passengers paying so much to go on the plane, so much hassle already, could be last
fee pushes them over the edge? >> i'm not convinced this will be passed on to passengers. if it is it will be a fraction of a percent. melissa: it has to go somewhere. you don't think it will passed on to passengers? you don't think orkers will have fewers workers. it has to come from somewhere because these are public companies. they are ceos have to present to the market. >> vast majority of airline passengers this country would happily pay a few more cents in ticket if men and women making flights possible would earn a living wage. melissa: thanks for coming in. >> anytime. melissa: let's bring in union expert for his take on the airport wage increase. thanks so much for joining us. what do you think of what you just heard. >> hey, melissa. thanks for having me on. well, you know, i think what you hit the nail on the head there when you say the money has to come from somewhere. whether it will come from workers who will see decreased hours or whether it will come from passengers that are going to have to pay more, the money has to come from somewhere. i think the councilman with all due respect is being a little
bit naive saying magically the airlines or subcontractors can come up with these wages and won't affect anything. melissa: i think what the point he is trying to make it comes out to 2 buck as flight per passenger when you're paying hundreds of dollars you will not notice yet another two bucks. is that fair? >> well i mean those two bucks add up. maybe two bucks for connection to laguardia. what happens from laguardia to atlanta? or two or three connections? it starts to add up. you wonder what the airlines are eventually going to cry uncle and start routing flights somewhere else. i don't think that will happen in the near term but they keep nickel and diming them like this something has to give. melissa: there is the idea of competition. we all know in the new york area when you're looking to fly in you compare the price from newark to jfk. they're both incredibly hard to get to manhattan from. same level of inconvenience. if the flight is cheaptory newark because wages are lower there, more people would select to go, no?
>> i mean you may see that and the, governor cuomo unlike governor christie has pushed this through. remember, we had, you had the councilman on just now. he should be for the legislative process. this thing was rammed through by order by unelected appointee without going through any board process at the port authority. who simply just like obama is trying to do with executive orders, takes out his pen there you go, there is the order. melissa: no, that is really good point. the port authority sort of decreed this. do you think airlines will challenge it? >> you know, they may. right now this is the decree bit executive director of the port authority. one guy, peter foy. the entire board hasn't even met or voted on it. so, there may be a chance for a lawsuit here because, you never know if this is just simply an overreach. melissa: i'm an economics nerd so i just can't help myself, when i look at list of wages at
airports around the country, they are much higher. miami 13.82. syracuse, 14.68. are there special economies around airports where the labor market is tighter and they are able to pay workers more? maybe it is very hard, workers don't want, it is not as competitive. workers don't want to work there as much because it's a pain in the neck, going to the airport, working at the airport is nightmare to get there, you have to simply pay more to get people work there. do you have to pay more to work at airport. >> if it's a different economy or roughtory work there the market would take care of wages. workers would say if i'm making 8, 9, $10 an hour here and could make it at easier job somewhere else i will just take that other job. if it is more expensive, harder to work there -- melissa: then we would already seeing wage. you wouldn't need to legislate it. >> exactly, melissa. melissa: thank you. thanks for coming on.
appreciate your time. >> thanks for having me. >> the super bowl is sunday and we have patriots player who is not in the big game but looking for something else from the big weekend. patriots offensive lineman is here to tell us what it is. up next. the godfather himself, no one knows small business better than this guy. what is herman cain's take on what is needed to get them going again? don't miss his view on the minimum wage debate. we have got a fresh perspective, what you need to hear. there is nothing like a court scandal. an exemploys sieve new york lawsuits that the new york giants have been peddling fake game-worn items to nfl collectors. you won't believe what the lawyer hyped it has to say. he joins me right here. more "money" coming right up.
even ceo of the national restaurant association. he clearly knows a thing or two about running successful businesses and the money behind it all. we wanted to get his take on the big national debate over minimum wage. here now, mr. herman cain. welcome to the show, by the way. thank you for joining us. >> thank you, melissa. melissa: i don't know if you had a chance to hear any part of the debate that came before you but we were talking about the raising minimum wage paid at airports around new york city. >> yes. melissa: this is huge debate in america now i know you know. >> yes. melissa: what do you think about the fever pitch that it has reached? >> the reason it has reached this fever pitch on the part of the president, liberals and democrats because they always use it as a political pawn. that is all it is. your first guest is in denial that the money is going to be absorbed automatically and he tries to minimize it by saying it will only be a small, small, small amount. that they're going to be able to absorb. you are correct.
it has got to come from somewhere and they're in denial. secondly when they start talking about living wage, who set that is? that is really nonsense. a living wage is what you are able to generate. the argument ouuht to be framed that employers want to pay maximum wages, based upon productivity and stability of the workforce. the example that you cited in miami, well the market determined those hourly wages because the airlines operating in miami wanted to maintain stability of workforce based upon the productivity of the workers. and so when you try to mandate a minimum wage, you are obviously focusing on the wrong part. melissa: yeah. >> but that is what liberals do. it's a political pawn that tugs at the emotional heartstrings of people who are at minimum wage. melissa: it does. you know, that is why that language picked up.
funny you would bring that up. followers on twitter, someone said i'm getting so tired of the phrase living wage. >> yes. melissa: it is because it does make you feel emotional. you do think about the idea that somebody making 7.25 an hour, you can't live on that. what do you say to people who say that that's not a living wage? you can't live on 7.25 an hour? >> what i say to people who can't say they can't live on 7.25 an hour, i say don't. don't try. it was never intended to be a living wage. $10.10 is not a living wage. i did the numbers. if you take $10.10 and apply it to a 40-hour work week you're still in poverty trying to support a family of two and trying to just support yourself, you're barely below the poverty line. the other big question is, who set as living wage? this is why it is one of those political pawn that is liberals use in the narrative to try to get people to say, well it is not that much. let's go ahead and do it.
what the liberals and your first guest failed to understand as well as president obama, they fail to understand that businesses are going to do one of several things in order to absorb it. one, not hire as many new workers. melissa: right. >> two, if they are forced to pay the minimum wage mandated by government, they might delay the next raise nor that employee. third, what the business person also might do and you never know, is that they may be in a position where they may have to totally change the way they do business, not immediately. melissa: yeah. >> so the whole argument, melissa, is a political pawn and they're missing the fact that the employers want to pay maximum wages based upon productivity and stability. that is the argument that they are missing. >> we're running out of time. real quick before we go, what do you think, what is one thing that could be done right now to
spur the economy? what are we missing? because people are feeling such malaise and worried what is going on out there. that's why we're focused on minimum wage, because there are no new good, well-paying jobs, what can be done? >> raising minimum wage will not spur the economy. that is where liberals and democrats are absolutely false. one simple thing this administration could do, suspend taxes on repatriated profits. trillions of dollars would come back into the economy. it would help big companies, small companies and workers that would be the easiest, fastest, simplest thing that would have biggest impact on helping to boost this can economy. stop double taxing companies that have profits overseas. so suspend taxes not just temporary basis. but on a permanent basis. melissa: permanent basis so they can count on it over time and would bring back money right away. herman cain, thanks for coming on. appreciate your time. >> thank you, melissa.
happy to do it. melissa: coming up it is a case of nf, what the l? are football fans getting crooked deal on supposedly valuable collectors items. a shocking claim right he have about the super bowl. we're talking to the lawyer suing coming up next. what if income inequality is actually needed for a society to prosper and create jobs? controversial idea. steve forbes says it's a by-product of growth that lifts the living standards for everyone. we're going to get to the bottom of it. he will be right here on set. do you ever have too much money? i ys say be thman with the plan
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today and for all the wrong reasons. a lawsuit claims manning and the new york giants created fake game-worn memorabilia to sell to fans and kept the real items for themselves. it's a big blue scandal. here to talk about in a fox business exclusive is the attorney at the center of it all, brian brooks. joining us is sports memorabilia expert, jeremy brown. ryan, i want to start with you. lay out the case for us. what happened? >> this is a case, really it is about fraud and fraud in two respects. first there was the fact that my client had a long-standing relationship with the giants and their equipment staff and certain players, grew over time, appeared to be nearly two decades. over the course of that time he came to learn about a few incidents where, the lawsuit alleges there was fraud going on. regarding game worn memorabilia. melissa: i hate to rush you alone long but we have only limited at of time. they took jerseys they had not
worn, dirtied them up and said they wore in specific games to be sold and you're alleging the players, specifically, eli manning hung on to the real jersey, is that true? >> i think that is not exactly correct. melissa: okay. >> that the lawsuit does not alleged to happen with real ones. give you example. melissa: okay. >> super bowl xlii helmet. the one alleged to our my client, a month after super bowl in 2008. a few months after that the giants issued some sort of press release, the lawsuit isn't specific on that, exactly how it got out into the world but all of sudden the super bowl xlvi eli manning helmet was displayed at sports museum of america. melissa: you say that is the fake one and you guys have the real one? >> that is what the lawsuit alleges. my client still has the same helmet, the original one given directly by the team, that he has every reason to believe is the real one. melissa: jeremy, i want to bring you in here, i got to tell you, this is the suspicion that all of us lay people have about this stuff they bring out and say and
try and sell, this was worn by this person here. i always wonder to myself if this was the jersey that i wore when i won the super bowl i wouldn't part with it for any amount of money. doesn't this create suspicion around all memorabilia and hurt your business. >> yeah it is a very discouraging in the world of sports memorabilia. collectors have very enthuse asic and passionate about their teams and players, things like that. it is disheartening whenever they buy something truly a treasured item keep and find out after the fact it is not genuine or it's a fake or a problem with sports memorabilia as a whole. melissa: brian, eli manning for his part released a statement the giants told me this suit is completely without merit. i have no reason to believe otherwise. the giants will fight it and so will i. you say your clients damages are in the eight figures. how did you come up with that number. >> a combination of different things. he was really a burgeoning entrepeneur at the time that this happened. he had a number of different patents, for example, he had
invented. he was actively marketing them. he received a offer -- melissa: patents that have to do with the memorabilia. >> i'm sorry, sports memorabilia is really what he loves. that was a hobby that he turned into also a profitable business but his real business endeavors wouldn't way beyond that he was designing a new football helmet with some of the giants equipment at that of. he have had patents along with one of the name defendants joe skiba and patents wireless marketing techniques. over 10 years before the current phenomenon of text messages and smartphones. melissa: how will you ever prove what is real or what's not or do you have to? >> i think some of the stuff we'll prove it is real because he has it. i think there are ways of doing comparisons. simple way to figure out what helmet worn in a game, look at pictures taken compare that against one someone is trying to say they're real. melissa: jeremy, does this change the game going forward to you? does this set a different standard what buyers demand in order to know what they're get
something authentic? >> unfortunately something like this is not completely out of left field. fake in sports memorabilia is ongoing concern as long as sports memorabilia is been around. someone will figure out a way to make money and defraud people. you have to get your items from a credible source. just, you know, do your due diligence knowing what you're buying is truly genuine item. there are some fake ones so you truly have to be careful. melissa: this is important story right now. there is lot of memorabilia about to happen. people will pay a lot of money for everything that happens, everything that comes out of the game. thanks to both of you for joining us. >> thank you for having me. >> thank you. melissa: coming up next time you're napping in the office bathroom think of poor workers over on wall street, junior staff working seven days a week. all that could be about to change. well kind of. you have to hear the concessions citigroup is making for their burnt-out staff. who has been spending money today like crazy? this pop star makes more than
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♪ melissa: saturday night off! citigroup taking queue from the competitors on wall street and graciously announcing it will allow junior bankers to stay home on saturday. it sounds laughable. is it a good idea? here to disagree are the "the wall street journal" and our very own david. the letter that came with it was funny. you're encouraged to stay out of the office from 10:00 p.m. on friday until 10:00 a.m. on sunday. >> 36 hours. >> you don't log in remotely. make -- sure you're on your blackberry. >> i think it's a stupid idea. i think particularly if you're young, in you're in your 20s i don't know about you when i was in mu 20s i work 24 showers a
day seven days a week. i was happy to be working anywhere. whenever i was working at someplace where i did something substantiative, i would work for peanuts but overtime and double time. use as much as that young energy as you can if you're the boss. if you're the boss you want to -- use it. don't limit them. >> people would do all nighters. what is wrong with that? melissa: people are dropping dead, i think that's the problem. >> in your 10:you're not dropping dead. >> one or two -- >> i think there was a couple, actually. statistically unimportant. but, no, i think it's the market we live in now. that these jobs are maybe not as appealing i hear from a lot of people in finance saying kids now don't do what they did. they're lucky to have a job. for god sake you have people in the 20s the unemployment rate is 15 to 20 percent. they should be thankful for the job they have. >> look on the bright side.
now all the people who want a nice, nurturing environment go to citigroup. >> all the killers who are ready to do whatever it takes. maybe will go to another smaller bank and -- stock in city. >> and shrink enough letting the government fail. [laughter] [laughter] public policy benefit; right? >> i don't know. >> reallocate the -- i think it's a dumb idea. melissa: i think it is disingenious. i think it's a pr campaign they put out the letter. supposedly it was sent around to, you know, the junior staff and somehow got leaked to the papers. and i think it was a pr thing. they're saying take it easy but there's -- i read a wink in it. you know, don't log in but make sure you're on the berry. and you're not banned from the building, but -- i don't know. ic it's -- >> essential the big banks are looking for good pr. it seems consistent like that. talking to a lot of old-timers.
they feel there's a different ethic now in the kids coming to wall street. >> is it a different ethics. >> wall street will be wall street always. maybe they go through. i don't think it will work. some folks have the capacity to work all the time and do it well. they should. they should not limit them in any way, shape, or form. melissa: how does the business of investment banking and wall street change? part reflects the fact that maybe the bonuses aren't going to be what they are. a lot of folks have been disappointed with that the trading and high frequency trading. certainly trading itself isn't as profitable as it once was. >> certainly this is exactly, i think, what the president and the people who wrote thed to frank law were hoping. they would turn the places in to aggressive risk taking machines. from aggressive risk taking machines to public utility. >> where nobody loses. >> nobody does this at the phone companies.
melissa: right. nobody at the post office workings all night throng get ahead. >> phone companies evolved. i'm talking about the old phone company. >> it's part of the culture where everybody is a winner. everybody get astrofee. nobody is loser. face it, we have to get out of the mentality. people fail, people should work hard so they don't fail. and that includes working all weekend. that's what i think. melissa: okay. guys, thank you very much. it was fun. up next how climbing up the income ladder might mean having to walk down the aisle. one senator thinks getting hitched is the key to wealth and success. do you agree? power duo. steve "forbes" and arkansas knee weigh in. at the end of the day, it's all about "money."
starting in the u.k. where british millionaire is angering women everywhere. he asked his ex-wife to work for for him. the woman said she and her exlived together for years after separating. until he moved in the new girlfriend. that's when he asked her to stay as the maid. in the end she demanded and got a $10 million settlement? more to that story. good for her. over to china, a man used the first-class plane ticket to scam the airline out of free meals for a year. he bought a fully refundable first class ticket and had the first class lounge from every day. and he would rebook it and come back and do it all over again. when the airline caught on after 300 days, he returned the ticket and got a full refund. i think it's gene use. i don't know how i didn't think of that. you still have to go to the airport. and landing in russia sochi
winter olympics could be the most expensive. it's costing more than the last 13 olympics. we told you the russians spent about $51 billion setting it up. way more than the $12 billion they originally budgeted. that includes $9 billion railway line covering just 31 miles. a russian magazine points out the equivalent of just as many miles -- all right. for the love of income and ealth gap heats upnal debate this week. the new idea is emerging. senator marco rubio said the greatest way to lift them from poverty is marriage. would it work? here is former white house press secretary. thank you for coming in. >> thank you. >> it comes from the stat that marco rubio threw out that says that marriage decreases the probability of having a child in poverty by 82%.
these are real stats. i don't love this. i'm -- i don't need to think i get married to make sure my child isn't in poverty. it's easier with two people instead of one. >> it's more fundamental. if you want to take on poverty. you don't want to keep having in america is people have children without being married. it's a growing trend throughout our society. in 196464 93% were born to homes with two married parents. now almost 50 percent are born to homes without married parents. it's become acceptable. it's not teenagers. it's predominantly people in the 20s. men walking out on the woman with with whom they have the baby and no marriage. that's how poverty gets started. you never economically be able to redistribute enough money to solve it? melissa: steve, you agree? >> it's a cultural thing. it's one of the thing washington is not going able to do much
about except make sure they don't have incentive for families to break up. eie reform the tax code. men right now, for a variety of reasons, some say economically sensible not to stay tied to a woman anymore. they don't have to. the result is that the kids pay the price. and i think women just have to lay down the law. [laughter] melissa: i don't know. i don't know if i -- >> don't let men have everything their way. say no! >> melissa: i don't know that having -- >> after 40 years of marriage i can say that women are the boss. melissa: i don't know how you fix it. lay it out as a problem. i'm not sure it's a choice. you are talking about it like it's a choice. i don't know that people choose. >> of course it's a choice. melissa: i don't know. >> our society has changed. marriage is what you did to marriage is something you don't have to do at all. you can have children even if you can't a afford to raise a child. have a child and somebody else
will take care of raising that child. it's a conscious decision people are making and it's a moral judgment. and societies and morals change. they ebb and flow. you have to talk about it. melissa: you know, i like numbers. i'm an economics person. a big topic that leads in to this is the idea of income equality. we talk about how to get people out of poverty. you think income equality -- i understand is a product of a, i mean, is good, is productive, is? how do i -- go ahead. >> it's on the circumstances. right now you have income inequality because of the fall in the value of the dollar, the or risk tax code, obamacare, and the things holding back the economy. it started, i have to say, ten years ago the weakening of the dollar in the republican administration. what it means is middle class families can't get ahead. the medium dollars are falling. melissa: why? >> because what it does is hurt the economy. it means you have less investment and productive things, more investment in
commodity, farmland, things like oil, the housing bubble, things that exist instead of things of the future. that's why the growth rate, especially since the '70s like what they were when we had a stable dollar. it takes two income in a family today have a upper middle income style of life one one could do it in previous generation. that's why you get the great gap of inequality. if you have a vibrant economy, jobs come along and bill gates do well. everyone else should do as well. melissa: do you agree? >> there's no question when you have two people with income. of course it's a truism. you have more success. but america has changed in the sense you did used to be able to have one parent raise a child, one parent stay at home. if the choice isn't even available to most people today. solving the middle income issue in our country is the holy grail. melissa: how do we do it? >> economic growth inspect is where, i think, in the last several years the president missed the boat.
instead of growth. and if you attack only the fairness, the so-called fairness issue, you're never going to have the growth issue. melissa: how do we create growth? >> have a stable collar. and two, have a tax code nation it worthwhile for people to work and -- melissa: everybody on the argument. >> just on the gear to the patient and not crushing small businesses. melissa: what is a sailable message on how to get it started den? >> stop attacking businesses. they are sitting on the cash because they are fearful about the administration. and that's a confidence measure, i think that's a real point. unsoutheasternty is the other one. businesses like to know there's certainty and you cannot be for the employee if you're against the employer. melissa: yeah. thank you to both of you. >> thank you. melissa: we appreciate it. up next the super bowl has dissented on new jersey and new york. that means a lot of football players here in the city. many who aren't even playing in the same game --
melissa: so we had to show this to you as much of the country is freeze the week. one family is taking the polar vortex to the its own hand. the new jersey family has been freezing large ice cubes and using them to build an igloo. the color creation is four and a half feet talling talling with eight feet in diameter. it's very cool. preparations for the super bowl are almost complete. it's three days until the big game as football fans know. the patriots were one win from playing in the super bowl. some of the players are here in
town anyway working on another plan to make money. joining me now is patriots offensive lineman will. thank you for joining us. you are in town figuring out how to make money. it's the first week of vacation. i thought tom brady in the bahamas. you're here figuring out how to make money. >> i think it's a great opportunity to be here. the whole world of football is here. everyone is here. just kind of network, get your name out. pick people's brain and figure out what you the want to do after football life. it's a great opportunity to network with people here. melissa: you have a fascinated story. you went to stanford university. you were born in chechnya when it was communism. your family left as refugees. do you think people take this country for granted? >> without a doubt. coming here in basically 1985 with nothing, and starting from scratch. my parents had to work double
jobs and value what this country had to offer. we tried achieve the american dream, and learned a lot from my parents. if you work hard; you can achieve anything you want. i try to maximize my fullest potential. if i want to slack off, i take think about the sacrifices my parents made. melissa: how did you go from leaving the country with the clothes on your back and going to stanford. and go on to be a professional nfl athlete. >> i think it's a testament to my parents and the habits they instilled in me. you come here at age 40 with four children and they had to work hard. i think i kind of -- it spilled off on their children. i worked hard. never took anything for granted and try to work hard in the classroom and work hard on the athletics field. it was fortune. it shows if you come from an immigrant family get a stanford education and play in the nfl.
melissa: it shows what you're doing now. you have a terrific season. and so many of your teammates i was joking. it's true, are already on vacation. you're in town. no doubt, i'm sure you're going to the super bowl? >> i'm not going. melissa: no? >> i can't go to the super bowl. i'm flying back to california on sunday. i want nothing to do with it. melissa: you're not going watch it? >> i love it. >> that's the competitive spirit. >> exactly. >> you came anyway even though it's irritating. what kind of networking are you doing? >> i think my agent steve baker has done a great job. he set up meetings for me with different people in the business world within the football world and media as well. and then obviously setting up different things like going to the business school i've done in the past. this april i attended notre dame and attended stanford business school, harvard, kellogg, and warren. it's the things you set up by going to places like this. trying to kind of build on that. melissa: you are an inspiration
thank you for coming on the show. i really appreciate it. >> thank you for having me. time for a little more super bowl "spare change." we are talking the biggest game of the year in the largest metro poll contain area in the nation. you might think big bucks are rolling in. it's just "spare change." the nfl and the super bowl host committee estimate more than $550 million are coming the city's way. is it a big boom for the local economy or a myth. here to break it down is sports economist andrew zimbolist. thank you for joining us. this number -- it was funny there was a "new york times" article they were talking about the original estimate the city is going to make $600 million. when the reporter pursued that estimate, they didn't know where the number came from. they didn't want to reveal the source. it's one of those thicks where do you think it's a real number? what do you think? >> it's not a real number, and
almost the whole story is fold by the fact that alice mcgill began a spokesperson for the super bowl committee wouldn't talk about it. she said all we did was study a few years ago and decided we weren't going release the study to the public. the reason they don't reals to the public they used to release the studies to the public and got decimated by the economists who look at them. they used silly assumption and a false methodologies. look, basically what happened, and most super bowl cities is football fans show up and the other tourists stay away. the business travelers stayway. the people who otherwise go to new york for the museums and the dance and theater and the food -- this is a stupid time to go to new york. it's too crowded. as a matter of fact, -- yeah. melissa: i was going to say i have friends coming to town for the weekend. they were able to buy tickets in, you know, today and going out on monday no problem. they were able to find hotels at the last minute. no problem. it does seem like there's
evidence that this hasn't been you know what the new york area was promised. do you think that new york -- do we lose money on this? because you spend more than you think you're going. what do you think is going to happen? give me the number. >> there's a lot of expenditure for security, transportation, entertainment, but look, it's also -- even if you have a one for one displacement of a football fan for a normal traveler. it's bad for the city to have that happen because the football fan goes back home and talks to his neighbors, friends, and relatives and said i saw a great pass by manning. everybody else says i saw wonderful play on broadway, i went to the museum of art and there's a great exhibit there. and so on and so forth. the people can come to new york and enjo they. you're spreading the glory of the new york or it rich. when there's a football fan there it's all about football. it's not a good thing for tourism in the future in new york. >> is that the diswith the big event. i remember with london they were
talking about how great the olympics were going to be for the city. when it time came there were local businesses that were furious if things were closed, it was too crowded. people stayed away because they were afraid of the crowds. london didn't have the normal or it rich it was going have. it ends up costing more than everyone thinks. in athens, for example, they said that the cost was going to be $1.6 billion. it ended up costing $16 billion. is this how it always turns out? >> not always but most of the time. in sochi which will start next week. originally they were talking about $11 or $12 billion. >> right. >> and now it's between identified billion. if it was good planning and special circumstances sometime it is pays off. most of the time it doesn't! thank you for coming on. happy super bowl to you. coming up. who made and spending lots of must be. folks can never say never to the pop super star. you won't believe how much this
♪ melissa: whether it's on wall street or main street. here who is made money today. anyone who owns a piece of facebook. the social media stock hit new highs after posting an across the board. the numbers reveal strong mobile growth and continued improvement in user engagement. the stock finished up more than 14%. owning nearly 18 million shares of facebook. she just made around $135 million. i would take that. and make more money from the seattle seahawks than the company he cofounded. billionaire owner paul allen turns out the team is proving a way better investment than the old employer microsoft. the team is worth six times what
he paid for in the '90s. his stake in the tech giant has only doubled in that time. not a bad return since he only bought the team what he called a civic duty to his hometown. glued it worked out. he needed the money. blowing through a lot of money. justin bieber reports suggest he's burninggthrough a million bucks every month. seriously? bieber's financial advisers complain they have nothing left to invest. a staggering $58 million in earn last year. he's playing for the huge fans to travel with him. he's been spending cash on lavish holidays, cars. i hope you made money today. be sure to head tune in tomorrow as we head to super bowl weekend. what do you think about the headliners lip syncing?
we are talking to a record level ceo who watched his client win two grammys on sunday. have a great night. the willis report is coming up next. ♪ gerri: hello everybody, i'm gerri willis. tonight on "the willis report." the consumer theft scandal hitting retailers widens. do we feel secure shopping again? also as one nightmare at sea ends. how clean are cruiseships in do you know most fail basic sanitation tests. >> wash your hands. new scam target anybody with a telephone. consumers ripped off $1 at the time. we're watching out for you tonight on "the willis report." ♪